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Crypto exchange XDC Network partnered with Tokyo-based financial holding company SBI to expand to Japan. Its native token surged 28% amid the news.
SBI’s crypto exchange branch, previously known as XinFin, said on May 31 that it would integrate the enterprise hybrid blockchain technology. The exchange’s CEO, Fumiki Ozaki, claims it improves the trading experience for consumers and offers a novel value proposition in the trade financing industry.
📢 Banking Powerhouse SBI Commits to Empowering XDC, Expanding XDC Network's Footprint in Japan🌐💼
— XinFin (@XinFin_Official) May 31, 2023
Read here: https://t.co/5yDK3GXZuE
We're thrilled to expand our ecosystem in Japan through this strategic partnership with @sbivc_official . Together, we'll revolutionize trade…
The network allows for atomic cross-chain token transfers and the execution of smart contracts written in a language compatible with the Ethereum Virtual Machine. It also follows the internationally recognized standard for the exchange of financial data electronically, ISO-20022.
The network’s co-founder, Atul Khekade, recently discussed the company’s enthusiasm for cooperating with SBI VC Trade and the platform’s mission to simplify the Japanese trade industry via increased transparency, traceability, and reduced costs.
XDC price movement
The XDC token used to access the XDC Network had a 7-day increase of 34%, placing it among the week’s top gainers. XDC, trading at $0.0408 during publication, had a 28% increase in price valuation within a day of trading as of press time. The asset has a current market cap of $564.6 million.
XDC forecast
The XDC Network has also implemented a decentralized autonomous organization to take control of the network’s blockchain. When it goes live in May, locals can allocate environmental funding for growth as they see fit.
SBI has been working on expanding into essential cryptocurrency markets as it was granted a Singapore operating license in September 2022, and one of its portfolio companies, Clear Markets, was granted permission by the United States Commodity Futures Trading Commission to sell crypto derivatives with physical settlement over the counter.